LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global marine signaling devices market report until 2021. This research report also lists 18 other prominent vendors that are expected to impact the market during the forecast period.
The research study by Technavio on the global marine signaling devices market for 2017-2021 provides a detailed industry analysis based on the product (visual and audible) and geography (APAC, EMEA, and the Americas).
“The global marine signaling devices market is projected to grow to more than USD 335 million by 2021, at a CAGR of nearly 4% over the forecast period. The stringent regulations governing marine safety devices is one of the key factors boosting the market growth,” says Neelesh Prakash Singh, a lead analyst at Technavio.
Competitive vendor landscape
The global marine signaling devices market is highly fragmented with the presence of several global and regional players. Vendors provide both visual and audible marine signaling devices, which are used in various distress situations. Currently, the market players are focusing on providing training and guidance on the use of various signaling devices and their applications. The growth in recreational sea sports will drive the demand for signaling devices.
Companies with better technical and financial resources can develop products that can make their competitors' products obsolete and non-competitive even before they are launched or able to recover the R&D and commercialization costs. Therefore, to remain competitive in the market, vendors not only have to develop new technologies but also must keep ahead of emerging technologies.
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Top five vendors in the global marine signaling devices market
Drew Marine Signal and Safety
Drew Marine Signal & Safety is a manufacturer of pyrotechnics, which is employed in the commercial and leisure shipping markets. The company sells its products under the Comet and Pains Wessex brand names. These products are used for commercial (SOLAS-compliant), and leisure and aviation (non-SOLAS-compliant).
E2S designs, develops, and manufactures high-performance audible and visual signaling devices for industrial, commercial, marine, and hazardous locations. The company's products are mainly categorized under three main business units, namely hazardous area signaling, fire and industrial signaling, and wide area signaling.
Greatland Laser is a manufacturer of laser signaling devices, which can be used during the day and night time. Using the company's patented technology, the products offer a variety of choices such as colors, beam widths, and length, depending on the design. The products are used in military and commercial applications.
Orion Safety Products
Orion Safety Products is a manufacturer of signaling devices, emergency flares, and other safety products for all safety purposes. The sales of the manufacturer are divided between commercial/government business and consumer/retail business. The commercial/government sales segment includes the sales of railway and highway emergency flares, railway torpedoes, and backfire torches.
Weems & Plath
Weems & Plath is a manufacturer of various nautical instruments. The company offerings include bells, binoculars, books and log books, chart weights and magnifiers, clocks, lighting and lamps, magnetic compasses, navigation tools, polish, safety devices, and weather instruments.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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